Price posted an open letter on her Facebook page today to say that her company has indeed closed five stores, but noted the news says news about the closures were overblown and a report on her bankruptcy was “misleading.”

“It’s important to set the record straight,” Price wrote. “Carol’s Daughter is still going strong after twenty-one years and the future has never looked brighter. As part of our increased focus on new retail channels, we have decided to close five of our stores. This was portrayed as if we’re having some challenges, but nothing could be further from the truth.”

Price continued that Carol’s Daughter currently has a number of in-store, digital and on-air partnerships and part of the reason they’re closing stores is to refocus efforts on more retail channels. Their latest partnership launched just last month:

“The nationwide Target launch this past March is an opportunity that very few companies receive. I am proud of that. I am also proud and blessed to have valuable partners like HSN, Ulta and Sephora inside JC Penny. These partnerships have enabled me to distribute Carol’s Daughter in over 2.500 stores and on direct TV which is far beyond the reach of my living room in Brooklyn.”

Jada Pinkett-Smith — who is a part investor in the company along with her husband Will, Jay Z and Mary J. Blige — also took to her Facebook page today to defend the brand. The actress posted a picture of her longer natural hair, that she says she’s maintained with Carol’s Daughter products, along with the following statement:

I know you all often see my hair in various ways, but what you see in these pics is MY natural hair. I’ve taken care of this mane with CAROL’S DAUGHTER products for over 15 years, specifically…Lisa’s Hair Elixir. With that said, Carol’s Daughter is still going strong, despite some misleading press, so much so you can now find it in Target, on HSN, Ulta and Sephora inside JCPenny.

My hair would like to say thank you to Lisa Price of Carol’s Daughter for making products that actually nourish the scalp and hair;)

J

We’re glad that this brand is still alive and well! These updates come at a perfect time because today is Hairstyle Appreciation Day. What do you love about your tresses today, beauties? Post a picture and be sure to use the hashtag #HairstyleAppreciationDay!